Wall Street pares losses after housing data

By IBTimes Staff Reporter | May 24 2010 10:16 AM

Stocks pared losses in volatile trading on Monday after data showed sales of previously owned U.S. homes rose more than expected in April to a five-month high.

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The Dow Jones industrial average <.DJI> lost 64.24 points, or 0.63 percent, to 10,129.15. The Standard & Poor's 500 Index <.SPX> fell 4.94 points, or 0.45 percent, to 1,082.75. The Nasdaq Composite Index <.IXIC> gained 1.38 points, or 0.06 percent, to 2,230.42.

Shortly after the data was released, the Dow briefly hit a session low that took the index down more than 1 percent. Stocks opened mostly lower amid investor worries about Europe's debt situation after Spain bailed out a local bank.

(Editing by Padraic Cassidy)